Comptroller Sean Scanlon Welcomes The Hawai’i Retirement Savings Program To The Multistate Alliance For Retirement Security

(HARTFORD, CT) Comptroller Sean Scanlon and Rhode Island Treasurer James A. Diossa today welcomed the Hawai’i Retirement Savings Program (HSRP) as the newest member of the Multistate Alliance for Retirement Savings (Retirement Alliance), an interstate partnership for state facilitated automatic-IRA retirement savings programs. MyCTSavingsand RISavers created the partnership in 2025, the second of its kind in the nation.

Like MyCTSavings and RISavers, the HRSP addresses the retirement savings gap for employees working for businesses that do not offer a retirement plan. Qualified private employers who do not offer a retirement plan are required to provide access to the state program. Employers enroll at no cost, automatically enroll their employees through a simple payroll process, and do not have any fiduciary responsibility for the investments. For employees, the program is voluntary, flexible, and portable. Automatic payroll contributions make it easy for workers to save consistently, building for themselves a more secure financial future.

“I’m very excited to welcome Hawai’i and their future savers into the Multistate Alliance for Retirement Security,” said Comptroller Scanlon. “The only thing more beautiful than their state itself is their commitment to ensuring that all of their residents have access to a secure retirement. I look forward to working with them in the coming years and I’m grateful to Governor Green and his administration for their confidence in our growing interstate partnership.”

“Vestwell is proud to support the Hawai’i Retirement Savings Program as it joins the Multistate Alliance for Retirement Security. This growing partnership is a testament to the power of collaboration in expanding access to retirement savings for workers who need it most. As the administrator behind these programs, we have seen firsthand how state-facilitated auto-IRA programs can transform financial security for everyday workers — and Hawai’i’s participation only accelerates that impact. We look forward to working alongside Connecticut, Rhode Island, and Hawai’i to deliver a seamless, cost-effective savings solution for employers and employees alike,” said Douglas Magnolia, President of Government Savings, Vestwell.

“Ensuring that every worker in Hawaiʻi has the opportunity to build long‑term financial security is a core priority for our state. By joining the Multistate Alliance for Retirement Security, Hawaiʻi gains access to a proven, scalable model that reduces administrative costs while delivering a high‑quality savings platform for our residents. This collaboration supports our commitment to fiscally responsible innovation that truly benefits our workforce. Our Board is proud to take this significant step to bring a modern, efficient, and accessible savings program to the people of Hawaiʻi. Partnering with Connecticut’s alliance allows us to leverage shared expertise, achieve cost savings, and accelerate HRSP’s implementation. Most importantly, it helps ensure that workers who have never had an easy path to retirement savings will now have one,” said Jade T. Butay, State of Hawaiʻi Department of Labor and Industrial Relations Direct and Co-Chairperson of the Hawaiʻi Retirement Savings Board.

“RISavers is already delivering on its promise to help more Rhode Islanders build financial security for their future. In just a short period of time, this program has connected thousands of workers, many for the first time, to a simple and affordable way to save for retirement,” said General Treasurer James A. Diossa. “The early success of RISavers reflects the strength of our partnership with Connecticut, and I look forward to seeing Hawai’i take this important step to help ensure every worker has a fair opportunity at a secure retirement.”

As one of the first states to launch an auto-IRA program, Connecticut created the Retirement Alliance in 2024 with neighboring state Rhode Island and was chosen by the Hawai’i Retirement Savings Board as its partner program earlier this year.  Through collaboration, the programs collectively achieve economies of scale faster, saving time, administrative resources, and decreasing fees for all participants, including a fee drop last year when the partnership was created. Partner states benefit from the host state’s start-up experience and are able to launch faster, giving workers much-needed access to retirement savings quickly.

“MyCTSavings is proof that a simple and easy retirement savings plan can have a tremendous impact on employees and business owners. In four years, we’ve grown MyCTSavings from 6,000 savers to more than 38,000 savers, and increased assets from $1.5 million to nearly $70 million.  And smaller employers who may not have been able to afford such a program before have the opportunity to gain a competitive advantage in hiring and retaining employees,” Comptroller Scanlon added. “We are proud to help other states offer their constituents access to the dignified retirement they deserve and look forward to working with our partners into the future.”